Ortsac Properties pays $12M for Sunrise apartments

The 72-unit Heritage Green Residences sits in front of the Spring Tree Golf Club

Dec.December 20, 2018 12:30 PM

Bob Castro Ortsac properties CEO and the Heritage Greens Residences

A company tied to Ortsac Properties just paid $12.1 million for the 72-unit Heritage Green Residences in Sunrise.

Tamarac-based Ortsac Properties bought the apartment complex at 8445-8481 Springtree Drive, in front of the Bridges at Spring Tree Golf Club, for $167,777 per unit, property records show. Sunrise-based Heritage Green Residences LLC, which is managed by Bryan Grosman of Hollywood, sold the property.

Heritage Green Residences paid $1.1 million for the 3.2-acre property in 2010, according to property records. The two-building complex was built in 1986.

Ortsac Properties is tied to Bankers Healthcare Group President and co-founder Robert T. Castro and his wife Sophie C. Castro. Bankers Healthcare Group is a financial services company that provides loans to doctors, pharmacists and other medical professionals throughout the nation, according to its website.

Ortsac Properties has made a number of multifamily acquisitions in South Florida, including paying $14.2 million for a converted apartment complex in Cutler Bay in July.

Developers are becoming increasingly interested in Sunrise. The western Broward city is home to the Sawgrass Mills mall and the BB&T Center, where the NHL’s Florida Panthers play. Sunrise will also be home to Metropica, a massive $1.5 billion mixed-use project developed by Joseph Kavana.

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